Cencosud makes £500m investment in Brazil
Date added: 19th October, 2010 at 10:15
(view all articles from October, 2010)
Categories: Economy
Chilean company Cencosud has made an R$1.35 billion (£508.06 million) investment in Brazil, buying a supermarket chain.
The deal is the second largest the firm has ever struck and marks its fifth acquisition in the country since 2007, according to the Financial Times.
By purchasing the Bretas supermarket business, Cencosud has doubled its size in the market.
The firm already owns a chain in the same industry in the north-east of the nation entitled Gbarbosa, the news provider reported.
Cencosud's decision to invest in Brazil has doubled the amount of money it initially intended to plough into its operations this year, with the acquisition accounting for half of the funds it will spend, the information source said.
"With this strategic acquisition Cencosud enters the states of Minas Gerais and Goias, consolidating its position in Brazilian supermarkets," the company stated.
The firm reported an operating income of 133.7 billion Chilean pesos (£175 million) for the second quarter of 2010, a yearly increase of 31.9 per cent.
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